Olympus Pacific Minerals Inc T.OYM

Sulphide Nickel Encountered

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Olympus Pacific Minerals Inc. Quick Quote: OYM 0.35 (Even) Olympus Pacific - Phuoc Son Gold Project - Exploration and Drilling Update - Sulphide Nickel Encountered - New Target Area of Gold 10/28/04 Mineralization Identified - Positive Results From Metallurgical Test Work at Bai Dat and Bai Go@ TORONTO, Oct 28, 2004 (CNW Telbec via COMTEX) -- Olympus Pacific Minerals Inc. (TSX-V: OYM, Frankfurt: OP6) announced today results from its ongoing programs on the Company's 85% owned Phuoc Son Gold Projec t, located 90 kilometres southwest of the port city of Da Nang, in Central Vietnam. A second phase of reconnaissance diamond drilling of widely spaced targets (totaling 2003 metres in 16 holes) has been completed within the large, 70 square kilometre, Phuoc Son Gold Project. Exploration Update On the northern portion of the property three holes (RHDH 003-005) were completed in the Round Hill area to evaluate an altered intrusive that hosts a series of surface gold showings that returned assays ranging between 5.87 g/t to 23.6 g/t gold from 3 of 12 grab samples collected (OYM Press Release dated May 25, 2004). Assay results from the three holes returned anomalous gold values of 0.24 g/t over 0.42 metres and 0.47 g/t over 0.2 metres. In hole RHDH 004, ultramafic rocks containing a zone of disseminated sulphides and a narrow 0.12 metre wide massive sulphide layer, assayed 0.71% nickel and 0.18 % copper over a core width of 4.56 metres. Additional drilling is required before true widths of the mineralized zone can be determined. The Company is currently re- assaying selected soil and drill core samples for nickel to assess the nickel potential of the overall land package. In the Dak Sa area, which hosts the high grade Bai Dat and Bai Go deposits (currently the focus of a pre-feasibility/feasibility study by Micon International Limited - OYM Press Release dated July 22, 2004), surface exploration programs have identified a new area of mineralized quartz boulder floats. The angular quartz boulders occur over a 1 kilometre trend and range in size from 0.5 to 4 metres. 8 of 16 rock chip samples collected have returned assays ranging between 0.5 g/t to 19 g/t gold. The characteristics of the quartz boulder material (presence of visible gold and lack of pyrite, galena and sphalerite) suggest a source other than the Bai Dat or Bai Go deposits. This new target area is located approximately 700 metres northeast of the Bai Dat deposit. Four widely spaced diamond drill holes (DSDH 111 to 114) totaling 1095 metres have been completed in the Dak Sa area. Hole DSDH No. 111 was drilled on the Bai Dat deposit for metallurgical purposes. (See summary of metallurgical results below.) Hole DSDH 114, located 125 metres south of hole DSDH 101, tested a lateral projection of anomalous gold mineralization assaying 4.73 g/t gold and 18.50 g/t silver over 0.92 metres encountered in hole DSH 101 (OYM Press Release dated January 20, 2004). Hole DSDH 114 encountered a broad, weakly altered zone containing minor fracture controlled lead-zinc mineralization and anomalous gold values in the 0.10 g/t to 1.0 g/t range over a core width of 23.45 metres (243.15 to 266.60 metres down hole). The most focused area of mineralization returned assays results of 0.73 g/t gold over a core width of 3.7 metres. The other two holes completed in the Dak Sa area did not return significant mineralization. Reconnaissance drilling on the K7-Bai Gio trend, located approximately 3 kilometres north of the Dak Sa development area, consisted of 9 shallow diamond drill holes (K7DH 002 to 004 and DSDH 115 to 120) totaling 711 metres. The wide spaced holes encountered variable alteration and minor narrow quartz veined intervals. The highest assay intercept was encountered hole in K7DH 002, which returned 1.12 g/t gold over a 0.45 metres core width. Recently completed soil geochemical survey results from the K7-Bai Gio trend have outlined coincident gold and lead soil anomalies in four separate areas. The strongest gold soil anomaly covers an area of 300 x 100 metres and contains values ranging from 25 ppb to 3476 ppb (3.47 g/t) gold with an average of 410 ppb gold. This soil anomaly remains open to the northeast. Further surface geophysical and soil geochemical exploration programs are underway to fully delineate this new target area. Detailed data compilations will continue through the rainy season to prioritize exploration drill targets for testing in early 2005 Significant assay results from the second phase drill program are set out on the attached table. Sketches of the Phuoc Son Gold Project can be found with the copy of this press release posted at www.olympuspacific.com . Dak Sa Underground - Bai Dat and Bai Go Deposits - Results of Metallurgical Test Work As noted above, hole DSDH No. 111 was drilled on the Bai Dat deposit to obtain a sample for metallurgical test work. This hole intercepted 4.6 metres (true width) of the Bai Dat mineralization. A 60 Kg sample of this intercept was sent to Gekko Systems Ltd (www.gekkos.com) of Australia for metallurgical testing. Gekko Systems reported that this sample, assayed 21.6 g/t gold, 27.0 g/t silver, 2.1% lead and 6.52 % zinc. Gold recoveries reported to date by Gekko Systems for the Bai Dat deposit are 91.5% and 91.8% for the Bai Go deposit. Olympus Pacific Minerals Inc. is an international mining exploration and development company focused on the exceptional mineral potential of Vietnam and the surrounding region. On behalf of the Board of OLYMPUS PACIFIC MINERALS INC. (signed) Joseph J. Baylis Joseph J. Baylis President and Chief Executive Officer Unless otherwise noted, the technical information in this release has been prepared and/or reviewed by Mr. Roger Dahn, Vice President Exploration and/or Mr. Rod Murfitt, Director General Vietnam of Olympus Pacific Minerals Inc., who are Qualified Persons as defined by National Instrument 43-101. The Company employs a quality control program designed by Mr. Murfitt to ensure best practices in sampling and analysis of drill core and rock samples. Mr. Murfitt, a qualified person under NI 43-101, reviews all assay results prior to public release. Mineral Assay and Services Co. Ltd. located in Bangkok, Thailand, performs sample preparation and analyses Mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral resource estimates do not account for mineability, selectivity, mining loss and dilution. These mineral resource estimates include inferred mineral resources that are normally considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves. There is also no certainty that these inferred resources will be converted to measured and indicated categories through further drilling, or into mineral reserves once economic considerations are applied. STATEMENTS CONTAINED IN THIS RELEASE THAT ARE NOT HISTORICAL FACTS ARE FORWARD-LOOKING STATEMENTS WHICH INVOLVE RISK AND UNCERTAINTIES, WHICH COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE EXPRESSED IN THE FORWARD- LOOKING STATEMENTS. THE COMPANY RELIES UPON LITIGATION PROTECTION FOR FORWARD- LOOKING STATEMENTS. THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. %SEDAR: 00001815E VIEW ADDITIONAL COMPANY-SPECIFIC INFORMATION: https://www.newswire.ca/en/releases/orgDisplay.cgi?okey=33213 For further information: Olympus Pacific Minerals Inc.: Joseph Baylis,President and CEO; Erik H. Martin, Chief Financial Officer, 416-572-2525,Toll-Free: 888-902-5522, Fax: [phone], info(at)olympuspacific.com,www.olympuspacific.com; Renmark Financial Communications Inc.: John Boidman:jboidman(at)renmarkfinancial.com; Martin Lefebvre:mlefebvre(at)renmarkfinancial.com; Media - Cynthia Lane:clane(at)renmarkfinancial.com, 514-939-3989, Fax: [phone]www.renmarkfinancial.com News release via Canada NewsWire, Montreal 514-878-2520 Copyright (C) 2004 CNW, All rights reserved